By  on June 11, 2009

In the midst of one of the toughest economic periods in decades, Procter & Gamble Co.’s 13-member board on Tuesday elected Robert McDonald president and chief executive officer, succeeding A.G. Lafley, who will remain as chairman. McDonald, P&G’s chief operating officer, will begin his new role July 1.

In a conference call Wednesday with the investment community, Lafley expressed his confidence in the board’s decision saying, “We are obviously in the midst of a challenging time, but I believe it is the right time for a change….Bob is the right leader at the right time.”

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